Investment Thesis
Anterix exhibits severe operational distress masked by non-recurring gains, with negative gross margins (-22.8%), negative operating cash flow (-10.0M), and deteriorating net income (-24.6% YoY) despite reported operating profits that appear anomalous. The extreme profitability ratios (Operating Margin: 1631%, Net Margin: 1587.4%) are unsustainable and indicate one-time gains rather than recurring business strength, while the company burns cash operationally despite minimal revenue of 4.5M.
ATEX Strengths
- Strong balance sheet with low leverage (Debt/Equity: 0.00x) and adequate liquidity (Current Ratio: 1.39x)
- Substantial cash reserves of 29.5M provide runway for operations
- Positive ROE (30.6%) and ROA (17.3%) driven by asset base rather than operational efficiency
ATEX Risks
- Negative gross margin (-22.8%) indicates core business loses money on each sale
- Negative operating cash flow (-10.0M) reveals cash burn despite reported profitability from likely non-recurring items
- Revenue of only 4.5M is insufficient to support organizational structure; unsustainable unit economics
- Deteriorating net income YoY (-24.6%) suggests one-time gains are eroding while underlying business weakens
- Free cash flow deeply negative (-220.5% margin) with minimal capex spend suggesting distressed operations
Key Metrics to Watch
- Operating cash flow trend and path to positive FCF
- Gross margin recovery and revenue per unit improvements
- Composition of operating income and sustainability of reported profits
- Cash burn rate and runway at current burn levels
- Revenue growth acceleration relative to opex reduction requirements
ATEX Financial Metrics
ATEX Profitability Ratios
ATEX Balance Sheet & Liquidity
ATEX 5-Year Financial Trend
5-Year Trend Summary: Anterix Inc.'s revenue has grown significantly by 286% over the 5-year period, indicating strong business expansion. The most recent EPS of $-0.49 indicates the company is currently unprofitable.
ATEX Growth Metrics (YoY)
ATEX Quarterly Performance
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q3 2026 | $1.6M | -$6.6M | $-0.35 |
| Q2 2026 | $1.6M | -$12.8M | $-0.69 |
| Q1 2026 | $1.4M | -$15.5M | $-0.84 |
| Q3 2024 | $578.0K | $283.0K | $0.01 |
| Q2 2024 | $398.0K | -$45.0K | $0.00 |
| Q1 2024 | $335.0K | -$2.1M | $-0.11 |
| Q3 2023 | $385.0K | -$8.0M | $-0.42 |
| Q2 2023 | $182.0K | -$1.8M | $-0.10 |
Data sourced from SEC EDGAR 10-Q quarterly filings. Figures may represent quarterly or cumulative values.
ATEX Capital Allocation
ATEX SEC Filings
Access official SEC EDGAR filings for Anterix Inc. (CIK: 0001304492)